Fixed Income

Global Corporate Sustainable Credit Screened Fund

Overview

Important Information: Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

Changes to interest rates, credit risk and/or issuer defaults will have a significant impact on the performance of fixed income securities. Noninvestment grade fixed income securities can be more sensitive to changes in these risks than higher rated fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets and failed/delayed delivery of securities or payments to the Fund. Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investment investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.

All currency hedged share classes of this fund use derivatives to hedge currency risk. The use of derivatives for a share class could pose a potential risk of contagion (also known as spill-over) to other share classes in the fund. The fund’s management company will ensure appropriate procedures are in place to minimise contagion risk to other share class. Using the drop down box directly below the name of the fund, you can view a list of all share classes in the fund – currency hedged share classes are indicated by the word “Hedged” in the name of the share class. In addition, a full list of all currency hedged share classes is available on request from the fund’s management company

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Performance

Performance

Chart

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Distributions

Ex-Date Total Distribution
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This chart shows the fund's performance as the percentage loss or gain per year over the last 2 years.

  2018 2019 2020 2021 2022
Total Return (%) -1.4 -15.1
Comparator Benchmark 1 (%) -0.8 -14.1

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

  1y 3y 5y 10y Incept.
3.41 -4.91 - - -4.78
Comparator Benchmark 1 (%) 4.13 -4.23 - - -4.12
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
0.18 -1.13 -3.06 -3.37 3.41 -14.01 - - -14.71
Comparator Benchmark 1 (%) 0.40 -1.04 -3.27 -3.43 4.13 -12.17 - - -12.77
  From
30-Sep-2018
To
30-Sep-2019
From
30-Sep-2019
To
30-Sep-2020
From
30-Sep-2020
To
30-Sep-2021
From
30-Sep-2021
To
30-Sep-2022
From
30-Sep-2022
To
30-Sep-2023
Total Return (%)

as of 30-Sep-2023

- - 1.67 -17.46 3.81
Comparator Benchmark 1 (%)

as of 30-Sep-2023

- - 1.92 -16.67 4.61

The figures shown relate to past performance. Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past

Share Class and Benchmark performance displayed in GBP, hedged share class benchmark performance is displayed in USD.

Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Source: Blackrock

Key Facts

Key Facts

Net Assets of Fund as of 01-Mar-2024 USD 112,734,331
Share Class launch date 31-Jul-2020
Fund Launch Date 31-Jul-2020
Share Class Currency GBP
Fund Base Currency USD
Asset Class Fixed Income
Comparator Benchmark 1 Bloomberg Global Aggregate Corporate Index
Initial Charge 0.00%
Ongoing Charges Figures 0.00%
ISIN IE00BL5H0T14
Annual Management Fee 0.00%
Performance Fee 0.00%
Minimum Initial Investment GBP 1,000,000.00
Minimum Subsequent Investment GBP 10,000.00
Use of Income Distributing
Domicile Ireland
Regulatory Structure UCITS
Management Company BlackRock Asset Management Ireland Limited
Morningstar Category -
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BLGCSXH
SEDOL BL5H0T1

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Jan-2024 671
12 Month Trailing Dividend Distribution Yield as of 31-Dec-2023 3.71
Standard Deviation (3y) as of 31-Oct-2023 6.64%
3y Beta as of 31-Oct-2023 0.940
Yield to Maturity as of 31-Jan-2024 4.83
Modified Duration as of 31-Jan-2024 5.96
Weighted Average YTM as of 31-Jan-2024 4.83%
Effective Duration as of 31-Jan-2024 5.95
Weighted Avg Maturity as of 31-Jan-2024 8.80
WAL to Worst as of 31-Jan-2024 8.80

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of 31-Jan-2024 0.00%
MSCI - UN Global Compact Violators as of 31-Jan-2024 0.00%
MSCI - Nuclear Weapons as of 31-Jan-2024 0.00%
MSCI - Thermal Coal as of 31-Jan-2024 0.00%
MSCI - Civilian Firearms as of 31-Jan-2024 0.00%
MSCI - Oil Sands as of 31-Jan-2024 0.00%
MSCI - Tobacco as of 31-Jan-2024 0.00%

Business Involvement Coverage as of 31-Jan-2024 95.26%
Percentage of Fund not covered as of 31-Jan-2024 4.98%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.45%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ portfolios. Unless otherwise stated in Fund documentation or included within the Fund's investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. The Fund manager has developed internal research signals to help evaluate corporate issuers on climate, governance and human capital issues. ESG information may be sourced from both internal and external sources. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Risk Indicator

Risk Indicator

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Holdings

Holdings

as of 31-Jan-2024
Name Weight (%)
LENNOX INTERNATIONAL INC. 5.5 09/15/2028 0.94
DIAGEO CAPITAL PLC 2.125 04/29/2032 0.86
SAGE GROUP PLC MTN RegS 3.82 02/15/2028 0.80
SPRINT CAPITAL CORPORATION 6.875 11/15/2028 0.69
LAM RESEARCH CORPORATION 1.9 06/15/2030 0.67
Name Weight (%)
MOODYS CORPORATION 0.95 02/25/2030 0.58
WORLEY US FINANCE SUB LTD MTN RegS 0.875 06/09/2026 0.57
CHENIERE CORPUS CHRISTI HOLDINGS L 3.7 11/15/2029 0.56
TECHNIP ENERGIES NV RegS 1.125 05/28/2028 0.54
MORGAN STANLEY MTN 2.475 01/21/2028 0.48
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Jan-2024

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-2024

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-2024

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-2024

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-2024

% of Market Value

Type Fund Benchmark Net
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Allocations are subject to change.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class X Hedged GBP 77.79 -0.34 -0.43 13-Nov-2023 83.11 76.72 IE00BL5H0T14
Class D Acc USD 92.97 0.12 0.12 01-Mar-2024 94.31 85.83 IE00BL5H0P75
Class X Hedged GBP 91.37 0.11 0.12 01-Mar-2024 92.69 84.47 IE00BKSBGM81
Class A Acc USD 92.54 0.12 0.13 01-Mar-2024 93.90 85.42 IE00BL5H0N51
Class Z USD 93.55 0.12 0.12 01-Mar-2024 94.90 86.33 IE00BL5H0V36
Class Z Hedged EUR 87.61 0.11 0.12 01-Mar-2024 89.03 81.40 IE00BL5H0W43
Class X Monthly Dis USD 106.90 0.13 0.13 01-Mar-2024 109.11 100.11 IE000CD9D4K8
Class X Hedged CHF 85.53 0.09 0.11 01-Mar-2024 87.27 80.12 IE00BL5H0Q82

Portfolio Managers

Portfolio Managers

Riyadh Ali
Riyadh Ali

Literature

Literature